Wells Fargo pet insurance refunds on their way to many policyholders

Wells Fargo Pet Insurance - dog - Bulldog

A new report shows the scandal-plagued bank is reviewing a whole new batch of possible add-on problems. Wells Fargo pet insurance is among the latest add-ons linked with the bank’s rash of scandals. Thousands of the bank’s customers have been paying for insurance coverage they didn’t need or were overpaying for the coverage they did require. The bank is still coping with having mis-sold auto insurance to more than half a million drivers. More recently, the San Francisco-based lender has been looking at financial and insurance add-ons. What they have…

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Wells Fargo insurance license may be suspended or revoked in California

Wells Fargo insurance scandal

The state Department of Insurance is seeking the action following alleged improper sales practices. The California Department of Insurance has revealed that it is planning to either suspend or revoke the Wells Fargo insurance license in the state. It is pursuing this intention as a result of the company’s online insurance referral program and its allegedly improper sales practices. The department conducted an investigation that revealed around 1,500 improper insurance sales. In those cases, the online Wells Fargo insurance company was allegedly found to have sold about 1,500 policies and…

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Wells Fargo personal insurance business to shut down in Q1 2018

wells fargo personal insurance business exit

The firm announced its intention to exit this sector and will start phasing out marketing immediately. Wells Fargo & Co announced it will be leaving the personal insurance business and will start reducing its marketing in that area. The exit from that market should be complete at some point during the first quarter of next year. Until it has fully exited the personal insurance space, it will continue selling and supporting those products. The company has stated that it intends to keep making personal insurance products available until it completely…

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Wells Fargo insurance customers seek credit repair for auto policy scandal

Frustrated Auto insurance product Wells Fargo

Borrowers forced to pay for unnecessary auto policies now want the damage to their credit scores fixed. New developments have arisen as a result of the Wells Fargo insurance scandal as customers seek to put right the damage done to their credit. Many of the customers have already filed a class action lawsuit to be compensated for the money they lost, but they are concerned about their credit histories. The bank’s own investigations found hundreds of thousands of customers were charged for unnecessary auto insurance. The added Wells Fargo insurance…

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Prudential insurance policy sales to cease through Wells Fargo

Wells Fargo insurance scandal

Following the recent account sales scandal at the latter firm a few months ago, product sales are being suspended. Prudential Financial announced this week that the Prudential insurance policy sales by Wells Fargo & Co are suspended. This insurance news follows closely on the heels of the San Francisco bank’s sales practices scandal this fall. Wells Fargo is continuing its management of the fraud scandal backlash from a few months ago. The Los Angeles City Attorney’s office worked with federal regulators in announcing that Wells Fargo was caught using fraudulent…

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Augusta, Georgia, contemplates self-insurance

Health Insurance News

Self-insurance may be an option to mitigate health insurance costs Employer-sponsored health insurance costs are growing for workers in Augusta, Georgia, which is causing some concern within the Augusta Commission. In an effort to rein in on these costs, the Augusta Commission is planning to take up the practice of self-insurance. Self-insurance is a method of risk management through which funds are set aside to account for financial risks associated with a varied assortment of events. The Augusta Commission believes that self-insurance may be an effective means of mitigating the…

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Investigation over home insurance includes Bank of America and Citigroup, among others

The state financial regulator in New York is currently conducting an inquiry regarding the possible overcharging of customers for force-place insurance, into large organizations such as Citigroup Inc. and Bank of America Corp. The focus of the probe is the service known as force-place insurance, which requires the a loan provider to purchase an insurance policy in the circumstance that a homeowner is unable to maintain insurance premiums on the property. According to industry experts, this practice is becoming increasingly common. The probe is being conducted by the office of…

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Wells Fargo launches new insurance program targeting low-income families

Wells Fargo has partnered with the National Affordable Housing Management Association to launch a new line of insurance that seeks to meet the needs of those looking for affordable housing options. The Multifamily Affordable Housing Insurance Program aims to placate the risks associated with certain development projects that can keep families from finding appropriate housing. The program is comprised of a number of insurance providers, Wells Fargo included, to help mitigate these risks. The program will make use of a federal subsidy, which will be applied to low-income families to…

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Hogan’s malpractice suit gets thrown out

Wells Fargo Insurance Services Inc. in Florida has been sued for business malpractice by celebrity Hulk Hogan. Mr. Hogan (real name Terry Bollea) sued Wells Fargo for failing to protect his assets properly, by providing him with an umbrella policy. Mr. Hogan was sued over an auto accident his son had in 2007, which left a passenger in his car with permanent brain damage. Even though both vehicles involved in the accident were his own; his vehicles’ insurance maximum payment was 250 thousand, per vehicle. With inadequate coverage, he was…

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